By:
M.S.Yatnatti: Editor and Video Journalist Bengaluru: Fintech startups have struck gold with Indians buying
more than 1,000 kg of the yellow metal through mobile apps in the past year.
Digital payment companies Paytm, PhonePe and tmw have seen a surge in customers
buying gold on their platforms in recent months. PhonePe, which started selling
gold in December, has sold more than 250kg of the precious metal and has a
customer base of 4 million. Paytm -- the largest player after it launched its
gold offer in July -- has sold 800kg to 1.5 million customers. It sources gold
from a joint venture between Indian bullion importer MMTC and Swiss gold
refiner PAMP. At tmw, customers can buy 24K gold for an amount that is as
little as Re 1, or for about Rs 10,000, and they can store it in virtual vaults
for up to five years without storage fees. Reportedly an expert in digital
payments, who did not want to be named, said, "Gold is always a hot commodity,
and fintech players would benefit from the rate fluctuation in gold, arbitrage
and bullion trading. It can be used as an underlying asset to induce banks to
sanction fresh loans. Also, there is the price point ,it's cheaper digitally.
Companies needn't spend money on premium retail space like swanky showrooms or
hire salespeople.” He added, "Fintech players are following in the footsteps of
banks, for whom gold sales was an innovative customer acquisition strategy a
decade ago. It's interesting that digital players have convinced customerssince gold is an emotional purchase with
associations of trust and long-standing brand names.”.
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